National Bank of Kazakhstan gave brief information about the insurance market of country

/IRBIS, Aug 08, 01/ National Bank of Kazakhstan gave brief information about the payment system of Kazakhstan in its monthly press-release, devoted to the current situation at the insurance market, and insurance control in Kazakhstan. According to the information of National Bank on July 01, 01, 39 insurance companies were licensed to operate (by Jan 01, 01 - 42) including 3 companies with governmental participation, 4 - with foreign participation and 1 - for life insurance. The operation of four insurance companies were stopped temporarily for infringement of law. 30 insurance companies implemented basic requirements of norms of financial stability and paying capacity. These companies were awarded new licenses to operate in accordance with the law "Insurance activity". In first six months of 2001 total volume of insurance premiums increased by 78% at KZT6.8bn (in first six months of 2000 - KZT3.8bn). The basic part of premiums consists of free will insurance of property - KZT5.3bn (increased by 123%). Non significant growth (by 11%) of indicators of free will personal insurance and obligatory insurance took place (2%). The average volume of insurance premiums per capita, within this period - KZT454 (in first six months of 2000 - KZT225). Total volume of insurance payment increased by - 75% up to KZT1bn. Obligatory insurance - 3% and free will insurance - 46%. At the same time free will insurance payment doubled up at KZT535.5m. The average volume of payments per capita - KZT68 in fist six months of 201, and KZT39 in first six months of 2000. According to the information of National Bank total volume of insurance companies' equity capital increased by 32% at KZT5bn, in first six months of 2001. Assets of insurance companies increased by 16% at KZT10,497.1m. Total volume of insurance reserves - KZT4.3bn, having increased by 20% relative to similar period of last year. Insurance companies become large institutional investors at native market of securities. Total paid insurance premiums - KZT3,110.6m, including KZT3,065.2 - abroad (in first half of 2000 - KZT1,990.8m and KZT1,821.1m respectively.) According to the press release now the insurance market of Kazakhstan is adopted for international schemes of insurance and reinsurance and presupposes equal terms for operation of native and foreign investors. National bank continued establishing of new law basis for insurance adjustment and control, reinforcement of finance and enlargement of capitals of insurance companies, improvement of insurance scheme, reliability of national insurance market. During the mentioned period National Bank approved 22 laws for problems of insurance activity and control. International standards were the basis for reformation of insurance control in Kazakhstan. These international standards were elaborated by International Association of bodies for insurance control and since 2000 National Bank is a member of this association. National bank elaborated law projects "The obligatory insurance of civil responsibility of vehicles' owners" and "Obligatory insurance of civil responsibility of carrier before passengers".